10. How long will it take $ 47000 placed in a savings account at 10% interest...

Question

Question

10. How long will it take $ 47000 placed in a savings account at 10% interest to grow into $ 72000?

Answer 1

Answer #1

n = [Log(FV/PV)] / [Log(1 + r)]

= [Log($72,000/$47,000)] + [Log(1 + 0.10)]

= [Log(1.5319)] / [Log(1.10)]

= 0.4265 / 0.0953 = 4.48

So, it will take 4.48 years to reach $72,000.

Answer 2

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